What happens to bitcoin when it gets as big as it can get?

ActiveMars

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Quote from: EXtremeAEX on November 18, 2017, 06:17:32 AM

The fees would be the only driving force for people to mine. If that ever happens, the miner fees would skyrocket and most likely only the miners with the best equipment can gain from it. With everyone using it, just imagine how many transactions need to be verified per second? Probably millions, and thats why miners are still important, which is why the fees would be insane.

So, what about bitcoin advantages? Miners will get profit, fees per transaction will always increase and what should we do? Community can develop new protocol and update lockchain or what? Because according to your message — in future BTC will be only for rich (i think nowadays BTC is used by holders, traders and rich people to earn money, not for transactions or as payment system)...

dothebeats

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Cashback 15%

Surely by then, better scaling solutions would have come up which drastically reduces fees and still keeping the network well-balanced. We might shift to another algorithm by then since cheap fees couldn't incentivize the miners well enough to keep their machines going. There would be drastic changes, or should I say almost complete overhaul if that is to happen in the future.

grampajack

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Quote from: EXtremeAEX on November 18, 2017, 06:17:32 AM

The fees would be the only driving force for people to mine. If that ever happens, the miner fees would skyrocket and most likely only the miners with the best equipment can gain from it. With everyone using it, just imagine how many transactions need to be verified per second? Probably millions, and thats why miners are still important, which is why the fees would be insane.

So the only thing that could keep it going at that point is if the UN got together and took over the mining duties. Would that keep bitcoin going without crippling fees? Or was bitcoin simply designed to fail at a certain point?

EXtremeAEX

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The fees would be the only driving force for people to mine. If that ever happens, the miner fees would skyrocket and most likely only the miners with the best equipment can gain from it. With everyone using it, just imagine how many transactions need to be verified per second? Probably millions, and thats why miners are still important, which is why the fees would be insane.

grampajack

newbie

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Okay, so let's say bitcoin replaces all the world's currencies, and everyone around the world starts using bitcoin for everything.

Okay, so bitcoin is now being used by everyone who can use it. I mean, everyone with money has already converted their money to bitcoin.

How does the blockchain network stay up and running? With no new growth, what incentive will people have to mine bitcoin?

Topic: What happens to bitcoin when it gets as big as it can get? (Read 196 times)